European stocks
advanced amid investor optimism that Greece and its creditors can work
out a bailout deal and keep the Mediterranean nation in the euro area.
The Stoxx Europe 600
Index rose 1.5 percent to 387.07 at the close of trading. It earlier
climbed as much as 2.2 percent after Greek Prime Minister Alexis Tsipras
signaled he’s prepared to compromise on the starting point for talks.
Shares trimmed gains after he reiterated his call for voters to reject
austerity measures in Sunday’s referendum.
Greece has already
missed a $1.7-billion payment to the International Monetary Fund, after
previous proposals to creditors were rebuffed.
Three days of capital
controls, rationing pensions and the expiry of its bailout pushed the
Greek government to say it’s willing to accept creditors’ latest offer
as a basis for compromise. Sunday’s referendum remains a stumbling
block, along with disagreements over pensions, spending and taxes.
Tsipras called for voters to reject austerity measures to help
strengthen the government’s negotiating position.
Source : Bloomberg
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